Primrose Solar has confirmed it has made a debt financing agreement with Deutsche Bank. The £42 million funds have been loaned on 18 to 24 month term and will go towards refinancing Eveley solar farm in Hampshire. Eveley was connected to the national grid in March this year and it is now fully accredited.
At 49 megawatts (MW), Eveley is one of the largest privately-owned solar farms in the UK. Primrose acquired the full project rights to Eveley in December last year from PS Renewables, working in partnership with PS Renewables as EPC to build the project under tight time scales.
Eveley will generate enough power to supply the equivalent of 15,000 typical homes and save around 21,500 tonnes of carbon dioxide per year.
Giles Clark, CEO of Primrose Solar, said: “This shows that the UK solar industry is capable of delivering world class projects to high quality and a tight timetable.”
Matt Hazell, Commercial Director, PS Renewables, said: “Eveley has been one of the most interesting sites we’ve built and proves the value of utility-scale solar as part of the UK’s energy mix. We had good local support and overall it’s a great success story for the environment, PS Renewables, Primrose Solar and the wider community.”
As with all Primrose Solar sites, a bespoke programme of ecological and biodiversity enhancement is being implemented at Eveley Solar Farm, with bat & bird boxes, sheep grazing between the panels, and grass and wildflower seeding where possible.